Turkey Regulator Demands Bank Asya Information Before Sukuks (1)

Bank Asya
Bank Asya


Date posted: April 25, 2014

ISTANBUL

Asya Katilim Bankasi AS (ASYAB), the Turkish lender in partnership talks with Qatar Islamic Bank, must ask the regulator for permission to issue further sukuk under a 1.25 billion-lira ($587 million) debt program.

Turkey’s Capital Markets Board has asked to be informed of future issues, Cengiz Onder, head of investor relations at Bank Asya, said in a phone interview today from Istanbul. An official at the board, asking not to be named under government policy, said it’s seeking further documentation from Bank Asya before sales can resume, without giving further comment.

The lender is a member of the Tuskon business group, representing companies whose executives sympathize with U.S.- based cleric Fethullah Gulen. Prime Minister Recep Tayyip Erdogan says Gulen’s followers are behind corruption allegations from December. Turkish newspaper Sabah reported today that the Capital Markets Board has stopped Bank Asya from issuing sukuk debt, without saying where it got the information.

Bank Asya has sold 550 million liras in sukuk debt in small amounts with short maturities, and the Sabah story was based on false “speculation” that it was being blocked from issuing more, Onder said. The bank’s core focus will be on attracting deposits, he said.

In the six weeks after the corruption allegations became public, Bank Asya fell more than any other company on the benchmark XU100 index. The bank’s share price then climbed the most in 6 years after news of talks with QIB emerged last month.

Source: Bloomberg , April 24, 2014


Related News

Turkey fails to channel money into industry: TUSKON

“A large amount of hot money came to Turkey, along with other developing countries, but Turkey could not use this money to invest into industry,” said Rızanur Meral, chairman of the Turkish Confederation of Businessmen and Industrialists (TUSKON).

Post-coup Turkey sliding into terror regime: Nobel laureate Orhan Pamuk

Prominent Turkish novelist and recipient of the 2006 Nobel Prize in literature, Orhan Pamuk, has criticized the government’s large-scale crackdown in the aftermath of the failed July 15 coup, warning that Turkey is heading toward “a regime of terror.” “In Turkey, we are dramatically putting behind bars all those who struggle for freedom of expression, and criticize the government even slightly,” Pamuk said on Sunday.

Islamic scholar Gülen sues interior minister over coup accusation

“Making efforts to set people up against one another and stir hostility by expressing those words is a behavior morally unacceptable,” lawyer Nurullah Albayrak said.

Is the Gulen Movement an alternative to the state?

Some say, “You [Gülen Movement] are acting as the honorary ambassadors, counselors, and attachés, are you the alternative to the state? My answer is as follows: If some people are taking care of the business in the places where you cannot reach, you have to only admire and compliment them.

Separation politics and Islam makes Gülen AKP’s enemy

“The Gülen Movement is faith inspired in its motivation, but faith neutral in its manifestation.” That is how key speaker Ozcan Keles, chairperson of Dialogue Society in London, characterized the Gülen Movement in a panel discussion on the Hizmet Movement Tuesday in the European Parliament.

The Dutch Turkish community must speak out about the anti-Gülen violence

Labour MP Ahmed Marcouch calls on Turkish-Dutch organisations to speak out about violence and intimidation and to build bridges instead. There’s a silence and it’s hurting my ears. It’s the silence that surrounds the violence against the Gülen supporters. What happened to the organisations normally so quick to ask for protection against intolerance? Where are […]

Latest News

Turkish inmate jailed over alleged Gülen links dies of heart attack in prison

Message of Condemnation and Condolences for Mass Shooting at Bondi Beach, Sydney

Media executive Hidayet Karaca marks 11th year in prison over alleged links to Gülen movement

ECtHR faults Turkey for convictions of 2,420 applicants over Gülen links in follow-up to 2023 judgment

New Book Exposes Erdoğan’s “Civil Death Project” Targeting the Hizmet Movement

European Human Rights Treaty Faces Legal And Political Tests

ECtHR rejects Turkey’s appeal, clearing path for retrials in Gülen-linked cases

Erdoğan’s Civil Death Project’ : The ‘politicide’ spanning more than a decade

Fethullah Gülen’s Vision and the Purpose of Hizmet

In Case You Missed It

Local priests participate in landmark interfaith trip to Turkey

The Turkish invasion of Nigeria

Dr. Ergil answers 100 questions about Fethullah Gülen and his movement

Turkey detains Mozambican software developer over links to Gülen movement

On Hizmet: Why do I not criticize it?

Woman with soft tissue tumor held in Ankara prison for 8 months: report

The anti-thesis of radical Islam

Copyright 2026 Hizmet News